The Hyperliquid Policy Center and trade[XYZ] submitted a comment letter to the Securities and Exchange Commission on August 18, urging the agency to establish a regulatory framework for pre-IPO perpetual contracts, which they call IPOPs. These cash-settled derivative instruments, settled in USDC, allow traders to bet on IPO prices without granting ownership rights or any allocation in the actual IPO. Hyperliquid’s pre-IPO markets have generated approximately $1.46 billion in cumulative trading volume, with open interest around $106 million as of early June. SpaceX and Cerebras are among the five active IPOP markets on the platform. Led by CEO Jake Chervinsky, the group advocates for retail investor access to these products, which have traditionally been reserved for venture capital funds and institutional investors.
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